Novartis Chairman Speech
BSE:500672 | NSE:NOVARTINDEQ | IND:Pharma - MNC | ISIN code:INE234A01025 | SECT:Pharmaceuticals
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Dear Shareholder
In 2016-17, at a global level, Novartis continued to strengthen its business, accelerate innovation and further sharpen its organizational structure. In India, we have replicated these moves in an increasingly challenging environment.
The healthcare system in India continues to pose a challenge to not just industry but to all stakeholders as it strives to cater to a population of 1.3 billion. As one goes further into the hinterland the problem only gets exacerbated. Low public spending on healthcare, increasing price control and regulations are putting greater pressure on the pharmaceutical industry as it looks to maintain return to shareholders.
Implementation of Goods and Services Tax (GST) will lead to simplification of the tax structure and a positive impact on the Gross Domestic Product (GDP) of the country. In the years to come the use of digital technology in all spheres of life will, we hope, be leveraged for the larger good of healthcare.
As a company, we are acutely aware of our responsibility to provide affordable medicines and improve access to healthcare, particularly to the rural poor.
I am pleased to share with you that our social business Arogya Parivar has been working relentlessly in this area. In the past six years, more than 31 million people attended over 700 000 health education meetings. During the same period over 1 800 000 people were diagnosed in health camps held in 11 states across the country.
Our focus on leprosy through our Corporate Social Responsibility initiatives will help the government''s efforts in eliminating this disease. It is truly saddening to know that despite the free medication that is provided globally by Novartis through the World Health Organization (WHO) people continue to delay treatment. A fully curable disease, seeing children diagnosed and ending up with deformity is disheartening. We hope that you, our shareholders, will play a role in spreading awareness of the disease so that together we can make a difference.
In August 2015, Novartis signed a new Memorandum with WHO, extending the provision of multidrug therapy (MDT) free of charge to all leprosy patients worldwide until the end of 2020; the Company''s collaboration with WHO began in 2000, and was renewed twice, in 2005 and 2010. The year 2016 marked 30 years of Novartis Foundation''s commitment to support the leprosy-afflicted.
I thank you for the confidence you continue to repose in your Company and am pleased to be able to propose a dividend of ?10 per equity share of Rs. 5 each on behalf of the Board at the forthcoming Annual General Meeting.
Sincerely,
Christopher Snook Chairman
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